For the first time, the costs of global warming’s projected
effects in the nation’s largest state have been quantified.
About $2.5 trillion of real estate assets in California are at
risk from extreme weather events, sea level rise, and wildfires,
with a projected annual price tag of between $300
million and $3.9 billion, according to a new report, “California
Climate Risk and Response,” written by ARE’s David Roland-Holst and Fredrich Kahrl, a masters candidate in UC
Berkeley’s Renewable and Appropriate Energy Laboratory.

The final cost will depend on how much the Earth warms
under various scenarios and whether the world’s nations
commit to lowering greenhouse gas emissions.

“Our report makes clear that the most expensive thing
we can do about climate change is to do nothing,” Roland-Holst says. But he adds, “This is not a doomsday
report…If we make the right investments, we can avert
much of the projected damage in any scenario.”

California is also moving to adopt comprehensive regulations
to lower its greenhouse gas emissions by 15
percent below today’s level. But that would only put a
small dent in the trajectory of climate change, unless
dramatic measures are undertaken nationwide and
across other continents, according to scientists.

The report covers seven economic sectors and
envisions issues such as the collapse of the ski
industry, a water-starved hydroelectric system,
and an increase in warming-related smog. The
research was funded by Next 10, a nonprofit set
up by high-tech entrepreneur F. Noel Perry.

“This is a good review of existing studies,”
says Anthony Brunello, a California Resources
agency official. “It assesses the real,
comprehensive statewide impacts for the
first time.”